My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Outsider Perspective Creates Innovation Opportunities
Coming from outside an industry allows you to question assumptions and create solutions that industry insiders accept as unchangeable.
Decision Rule
When industry participants say 'that's just how it works here,' that's often where the biggest opportunities exist.
How It Works
Industry outsiders don't know what's 'impossible' so they attempt solutions that insiders have given up on. They also bring best practices from other industries.
Failure Modes
Ignoring legitimate industry constraints and regulations
Underestimating complexity of industry workflows
Assuming technology alone can solve social/cultural issues
Not building relationships with industry stakeholders
Example Decision
“Henry Blodgett never worked in a newsroom (weakness) but understood internet journalism better than traditional journalists, allowing Business Insider to create new publishing models.”